Morten Weaver in Palm Beach mortgagee auction

Morten Weaver in Palm Beach mortgagee auction
Morten Weaver in Palm Beach mortgagee auction

The former Palm Beach retreat of the bankrupted English venture capitalist Morten Weaver has been listed for mortgagee auction.

He didn't get to built a castle on the beach at 1127 Barrenjoey Road, unlike Koombahla, his prior hillside Palm Beach home which some called Osama bin Laden's hideaway given its Islamic influencers. 

Weaver, who was credited as making a $3.5 billion fortune for clients, had paid $5.5 million in 2006 with his late partner, when it was bought from Jonathan Cary, the New York-based investment banker. 

LJ Hooker listing agent David Edwards is telling buyers to expect $5 million plus at its September 3 auction.

Recent court proceedings heard the property had been valued at $4.8 million, which secured borrowings of some $5.8 million, with interest accruing at $36,000 per month.

The beachfront 1127 Barrenjoey Road property last traded with as yet unrealised development plans by architects Tobias Partners.

Overlooking the waters of Snapperman Beach, the property has title to the sand.

Weaver sold Koombahla to Chris and Amanda Athas of Surfection in 2005 for $5.9 million. Weaver had wanted about $7 million for his resort-like Koombahla, the Bynya Road 2400sqm hillside holding with a six-bedroom Michael Robilliard-designed house.

Morten Weaver was a longtime director of the Australian venture capital firm, Allaway Hawker Williams.

Prior to joining Allaway Hawker Williams he was part of the Silicon Valley start up team that took CBT Systems to a $2 billion NASDAQ listing in 1995.

He has given his most recent address as Chatswood in his bankruptcy paperwork to Nicholas Malanos at Worrells. He gives his occupation as unemployed.

He has also lived in Tasmania's northern midlands. 

This article was first published in the Saturday Daily Telegraph.

 

 

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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